Bringing affordable art to the masses has proved to be a credit crunch-proof business model as the Affordable Art Fair celebrated crashing through the £100m mark in sales last week.

The fair, which only sells art priced between £50 and £3,000, has defied the worst downturn since the second world war by receiving a record number of visitors to its last two events in Battersea Park, south London.

"The concept of the Affordable Art Fair is probably even more relevant today than it was 10 years ago [when it began]. More and more people each year are taking the opportunity to visit a fair with a fun and relaxed atmosphere where they can look at, learn about and buy art without any pressure," said the fair's founder, Will Ramsay.

"Reaching £100m is an exciting milestone and proof that there is demand for accessible and affordable art."

Nearly 700,000 art lovers have visited the fairs over the past decade. The event is now a global brand with fairs in Bristol, Paris, Brussels, Amsterdam, New York and Singapore – as well as affiliate fairs in Sydney and Melbourne.

The market for high-end art has dampened since the credit crunch, with Christie's auction house failing to sell a Francis Bacon self-portrait in New York last year.